Larsen and Toubro Ltd, the engineering and construction giant, posted a 18% rise in net profit at Rs 991.5 crore for the October-December 2011 quarter as compared to the corresponding period last fiscal on account of higher income from other sources. Larsen and Toubro ’s net profit for the third quarter in 2010-11 was Rs 840.5 crore.
Other income to the tune of Rs 448.7 crore mainly comprised dividends from the Larsen and Toubro’s subsidiaries and treasury gains, said Larsen and Toubro’s chief financial officer, R Shankar Raman.
The construction major’s gross revenues grew 23% to Rs 14,155 crore in the quarter under review up from Rs 11,492 crore in the year-ago period.
“The quarter witnessed project deferments, aggressive competition, slow reform process and sharp rupee depreciation,” Larsen and Toubro said in a statement. “The recent increase in IIP numbers and easing of inflationary pressures, however, reflect some positive developments.”Larsen and Toubro’s order inflow rose by 28% year-on-year to Rs 17,129 crore during the quarter, taking the size of the order book to Rs 1,45,768 crore as of